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Formal procedures should be put into place to support the determination of the classification of an overdraft based on transactions within the overdraft and in particular the timeliness of repayments of commission/income.
As a minimum, these procedures should include:
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Periodic systematic comparison of the aggregate value of credits in the overdraft account with the repayments due and other debits in the account.
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Understanding the nature and source of the credits in the account.
